Lockout Fees definition
Examples of Lockout Fees in a sentence
For purposes of clarity, during the time the Lockout Fees are suspended under this paragraph, Avery will have an exclusive license as set forth in Section ▇.▇ ▇nd Quick-Med will not be able to terminate the exclusivity of such license under Section 2.4. After the Launch Date, Avery will not be required to pay any Lockout Fees to maintai▇ ▇▇▇ exclusivity of the license granted in this Agreement.
Once such PMA is approved or finally rejected or regulatory clearance is obtained within the European Union, Avery will be required to pay the Lockout Fees in accordance ▇▇▇▇ the schedule above.
If the Launch Date is within 3 years of the Effective Date, the Lockout Fees made by Avery prior to the Launch Date will be considered advanced ro▇▇▇▇▇ payments.
The rights and licenses in Section 2.1 of this Agreement will remain exclusive as long as (a) Avery pays to Quick-Med the Lockout Fees prior to Launch Date ▇▇▇ pays the Minimum Royalty Amount after the Launch Date (the Lockout Fees and Minimum Royalty Amount, collectively, the “Minimum Royalty Payments”) as discussed in Section 7 below, and (b) Avery continues to make commercially reasonable efforts after ▇▇▇ Launch Date to generate sales of Licensed Product.
Lock-out Fees: Any lock-out service needed will be charged the following: Between the hours of 9:00 am and 5:00 pm will incur a charge of 25.00.
For purposes of clarity, the Lockout Fees are to be paid by Avery before the Launch Date and the Minimum Royalty Amount i▇ ▇▇ be paid by Avery after the Launch Date if Avery wants to maintain exclus▇▇▇▇▇ of the license granted un▇▇▇ ▇his Agreement.